THE INFLUENCE OF TRAVEL-TIME VARIABILITY ON THE VALUE OF TIME

Current benefits from travel time savings have only been related to th e benefits from reducing mean travel time. Some previous attempts of i ncluding variability in the generalised cost function have mainly assu med commuters with fixed arrival time. This paper presents a comprehen sive framework for valuing travel time variability that allows for any journey purpose and arrival time constraint. The proposed model is ba sed on the expected utility approach and the mean-standard deviation a pproach. Stated Preference methods are considered the best technique f or providing the data for calibrating the models. The values of time d erived from the models are highly influenced by the value of travel ti me variability and it strongly depends on the probability distribution function travellers are faced with.